Wednesday, April 30, 2014


Market Comment

US indices gained on Tuesday, helped by shares in the Insurance, Banks and Consumer Services sectors. The S&P 500 (1878.33) remains above its 20d moving average (1863.3 - positive slope) and its 50d moving average (1859.9 - positive slope).

European markets are expected to start on a negative note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Tuesday. On the US economic data front, the Conference Board's consumer confidence index fell to 82.3 (83.2 expected) in April from 83.9 the previous month.

The Euro was under pressure against its major counterparts. In Europe, euro-zone M3 money supply was up 1.1% YoY in March after a 1.3% advance in February. Economists anticipated a 1.4% increase. Euro-zone consumer confidence was -8.6 in April in final estimation vs -8.7 in first reading. It was -9.3 the month before. French consumer confidence index decreased to 85 in April vs 88 the month before. Economists anticipated the index to be flat. German consumer prices were down by 0.2% in April after a 0.3% increase the month before. Consensus anticipated a 0.1% decline. German GfK advanced consumer confidence indicator was flat at 8.5 for May, as expected.


After the close of Wall Street, WTI Crude Future (JUN 14) was about flat to $101.02. The contract was above its 20D MA (@ $100.59) and above its 50D MA (@ $100.09).

Gold was about flat to $1296.4. The precious metal was below its 20D MA (@ $1300) and below its 50D MA (@ $1319).

Copper Future (JUL 14) on Comex was down 1.8c to 307.5c/lb. The contract was above its 20D MA (@ 300.44c) and below its 50D MA (@ 310.7c). In Europe, the London Metal Exchange reported its copper inventories decreased 1925 tons to 235075 tons.

European Markets

ECB: Publication of the Euro area Bank Lending Survey (10am CET); Publication of the Euro area economic and financial developments by institutional sector (10am CET)

Today's Economic Events

GE 07:00: MAR Retail Sales (MoM): -0.7%
FR 07:45: MAR Producer Price Index (MoM): NA
GE 08:55: APR Unemployment Change (Thsd): -10
GE 08:55: APR Unemployment Rate: 6.7%
US 13:30: 4Q GDP (QoQ): 1.2%
US 13:30: 4Q GDP Price (QoQ): 1.6%
US 13:30: 4Q Personal Consumption: 1.9%
US 14:45: APR Chicago Purchasing Manager Index: 57
US 15:30: W16 Crude Oil Inventories (WoW chg): 1100
US 19:00: Fed: Rates decision: 0.25%

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